(Bloomberg) -- Norwegian Cruise Line Holdings rose the most in more than three years after issuing guidance ahead of expectations amid strong demand for its sailings.

Adjusted earnings will be around $1.23 per share in 2024, according to a statement Tuesday. Analysts had expected $1.21 per share. Norwegian also said occupancy should be 105.1%, ahead of estimates for 104.9% as it experiences record setting booking trends.

Shares jumped as much as 18% in New York, the most since November 2020 and the best in the S&P 500 on Tuesday morning. Peer Carnival Corp. rose as much as 9.7% while Royal Caribbean Cruises Ltd. rose as much as 6%.

The results are the latest evidence that demand for cruises has yet to subside this year. Last week, Royal Caribbean also upgraded its 2024 outlook as demand for its cruises continued to outpace their expectations, allaying fears of an industry slowdown.

“We are determined to capitalize on our recent achievements and take advantage of the positive momentum and strong demand for cruise,” Chief Executive Officer Harry Sommer said in the statement. 

Passengers are also spending more when on board, a strong indicator Norwegian’s customers are doing well financially, Sommer said during a conference call with analysts.

Norwegian said its bookings are at an all time high, matching similar statements from Royal Caribbean. 

Miami, Florida-based Norwegian is expecting strong financial performance despite having to cancel and reroute all its itineraries to Israel and the Red Sea this year due to the ongoing conflict in the region. Trips to the Middle East represented 4% of its capacity this year. 

Previously, Carnival said rerouted trips would impact its earnings by as much as 8 cents per share, while Royal Caribbean sees minimal impact.

The shipping world has been contending with major disruptions in the Red Sea, a critical route for the industry, due to attacks launched at vessels by the Yemen-based Houthis in protest to Israel’s Invasion of Gaza.  

(Updates paragraphs one and three with share movement. Adds earnings call commentary in sixth paragraph.)

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